Senate panel resumes hearing on pre-need industry mess

02/10/2009 | 10:56 AM

(Updated 11:06 a.m.) MANILA, Philippines - The Senate trade committee on Tuesday morning resumed its hearing on the impending collapse of the pre-need industry.

Present at the hearing are Celso de los Angeles Jr., owner of Legacy Consolidated Plans Inc., Securities and Exchange Commission chairperson Fe Barin, and representatives from the Insurance Commission.

Other officials of pre-need companies and lawyers of planholders also attended the inquiry.

Barin was heavily grilled by senators during their probe last Monday for supposedly being remiss in her job and for allegedly failing to address the problems in the industry.

Also present at the hearing are Philippine Deposit Insurance Corporation (PDIC) president Jose Nograles and Bangko Sentral ng Pilipinas (BSP) deputy governor Nestor Espenilla, Jr.

De los Angeles had earlier said Espenilla was one of the BSP officials who “harassed" him by delaying his request for the merging of his banks, resulting in huge losses and eventual downfall of the Legacy Group. - Sophia Dedace and Amita Legaspi, GMANews.TV

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